United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 000-31467
For the quarterly period ended June 30, 2002
eStaff.com, Inc.
Nevada 91-1979826
(Jurisdiction of Incorporation) (I.R.S. Employer Identification No.)
8115 North Van Houten, Portland OR 97203
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (503) 493-0477
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock
As of June 30, 2002, 27,935,000 shares of shares of Common Stock were issued and
outstanding.
Transitional Small Business Disclosure Format (check one): yes [ ] no [X]
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
The financial statements, for the three months ended June 30, 2002,
included herein have been prepared by the Company, without audit pursuant to the
rules and regulations of the Securities and Exchange Commission.
Certain information and footnotes disclosure, normally included in
financial statements prepared in accordance with generally accepted accounting
principles, are often condensed or omitted, in unaudited quarterly reports,
pursuant to regulations which allow such omissions.
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.
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ESTAFF.COM, INC.
(a Development Stage Company)
BALANCE SHEETS (UNAUDITED)
June 30, March 31,
2002 2002
(Unaudited)
ASSETS
CURRENT ASSETS
Cash. . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
TOTAL CURRENT ASSETS. . . . . . . . . . . . . . . . . . 0 0
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0
============ ==========
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable. . . . . . . . . . . . . . . . . . . $ 56,128 $ 49,275
Total accounts payable. . . . . . . . . . . . . . . . . 56,128 49,275
STOCKHOLDERS' EQUITY
Common Stock, $.001 par value; authorized 100,000,000
shares; issued and outstanding, 27,935,000 shares
and 25,435,000 shares respectively . . . . . . . . 27,935 27,935
Additional paid in capital. . . . . . . . . . . . . . 103,940 103,940
Accumulated Deficit . . . . . . . . . . . . . . . . . (188,003) (181,150)
Total Stockholders' Equity. . . . . . . . . . . . . . . (56,128) (49,275)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY. . . . . . . . $ 0 $ 0
============ ==========
The accompanying notes are an integral part
of these financial statements.
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ESTAFF.COM, INC.
(a Development Stage Company)
STATEMENTS OF OPERATIONS
(UNAUDITED)
From
Inception on
March April 21,
31, 2002 to 31, 2001 to 1999 through
June 30, June 30,
2002 2001 2002
Revenues . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 1,000
General and Administrative
Expenses. . . . . . . . . . . . . . . 6,853 26,267 139,003
Net Loss from Operations . . . . . . . . . (6,853) (26,267) (138,003)
Other income (expense) - Bad debt expense. -0- 0 (50,000)
Total other income (expense) . . . . . . . -0- 0 (50,000)
Net Income (Loss). . . . . . . . . . . . . $ (6,853) $ (26,267) $ (188,003)
============ ============ ============
Loss per Share . . . . . . . . . . . . . . $ (0.00) $ (0.00) $ (0.01)
============ ============ ============
Weighted Average
Shares Outstanding . . . . . . . . . . 26,804,863 25,430,000 25,513,028
============ ============ ============
The accompanying notes are an integral part
of these financial statements.
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ESTAFF.COM, INC.
(a Development Stage Company)
STATEMENTS OF CASH FLOWS (UNAUDITED)
From
Inception on
March April 21,
31, 2002 to 31, 2001 to 1999 through
June 30, June 30,
2002 2001 2002
Net Loss . . . . . . . . . . . . . . . . . . $(6,853) $(26,267) $(188,003)
Adjustments to reconcile net loss to
net cash from operating activities:
Stock for services . . . . . . . . . . . . . 0 0 31,375
Bad debt expense . . . . . . . . . . . . . . 0 0 50,000
Changes in operating assets and liabilities: 0 1501 0
Increase in accounts payable . . . . . . . . 6,853 20,267 56,128
Net cash from operating activities . . . . . 0 (4,499) (50,500)
Cash flow used in investing activities:
Cash paid for note receivable-Related Party. 0 0 (50,000)
Net cash (used) by investing activities. . . 0 0 (50,000)
Cash flow from financing activities:
Issued common stock for cash . . . . . . . . 0 0 100,500
Net cash provided by financing activities. . 0 0 100,500
Net increase (decrease) in cash. . . . . . . 0 (4,499) 0
Cash beginning of period . . . . . . . . . . 0 4,499 0
Cash end of period . . . . . . . . . . . . . 0 0 0
======== ========= ==========
Cash Paid For:
Interest . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0
Taxes. . . . . . . . . . . . . . . . . . . $ 0 $ 0 $ 0
Non-cash financing activities
During June 2000, the Company issued 10,000 shares of common stock for
services valued at $1,000
During September 2001, the Company issued 2,500,000 shares of common
stock for services valued at $25,000
The accompanying notes are an integral part
of these financial statements.
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ESTAFF.COM, INC.
(a Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
June 30, 2002
NOTES TO FINANCIAL STATEMENTS
EStaff.com, Inc. ("the Company") has elected to omit substantially all footnotes
to the financial statements for the period ended June 30, 2002, since there have
been no material changes (other than indicated in other footnotes) to the
information previously reported by the Company in their Annual Report filed on
Form 10-KSB for the Fiscal year ended March 31, 2002.
UNAUDITED INFORMATION
The information furnished herein was taken from the books and records of the
Company without audit. However, such information reflects all adjustments which
are, in the opinion of management, necessary to properly reflect the results of
the period presented. The information presented is not necessarily indicative
of the results from operations expected for the full fiscal year.
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ITEM 2. DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
(A) PLAN OF OPERATION FOR THE NEXT TWELVE MONTHS. Our plan of operation is
unchanged from our previous report; except that this small business issuer has
delayed its launch of operations, until the end of 2002, at which time revenues
are expected to begin to be a material factor. This delay has been due to
Management's conclusion that recent and current market conditions are not
favorable to the launch of this new business venture.
(B) DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
We enjoyed no revenues during the period covered by this report. Our expenses
during this period represent corporate maintenance, legal and professional fees.
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS. None
ITEM 2. CHANGES IN SECURITIES. None
ITEM 3. DEFAULTS ON SENIOR SECURITIES. None
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS. None
ITEM 5. OTHER INFORMATION. None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K. None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
Form 10-QSB Report for the First Quarter, three months ended June 30, 2002, has
been signed below by the following person on behalf of the Registrant and in the
capacity and on the date indicated.
Dated: July 18, 2002
ESTAFF.COM, INC
by
/s/Michael Smith
Michael Smith
sole initial officer/director
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